Each of Hunter's shots is independent; the first one might be successful, or the second, and if you're lucky, both will work. The same applies to an arch-enemy.
Someone even suggested a tactic like this: it's not very effective against a player, but it works well against a stack of neutral creatures. Divide the Hunters into 3-4 stacks and fire. If there's a "Soldier's Luck" ability, the stack of neutral creatures will move very rarely.
If TotalAttackerHP > TotalDefenderHP, then
Chance% = 25% + 3%*(TotalAttackerHP / TotalDefenderHP)
If TotalAttackerHP <= TotalDefenderHP, then
Chance% = 25% - 3%*(TotalDefenderHP / TotalAttackerHP)"
So, I decided that with a relatively small army of Hunters, it's better not to divide them. But by the time you have around 200 of them, you can split them up. However, by that time, there are usually no free stacks left.